---
schema_version: "secwatch.filing_event.v1"
accession: "0001854964-25-000020"
form_type: "8-K"
ticker: "NLCP"
cik: "0001854964"
company_name: "NewLake Capital Partners, Inc."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:59:47.869595+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Q3 earnings flat; AYR & Revolutionary Clinics vacate properties, 5.9% of rent at risk

## Summary
- Q3 revenue $12.6M flat YoY, net income $6.7M, AFFO $11.0M.
- AYR Wellness vacated two cultivation properties (5.9% of rental income); rent ceased Aug 2025.
- Revolutionary Clinics vacated Fitchburg, MA property Jul 2025; no rent since.
- Dividend maintained at $0.43/share ($1.72 annualized); AFFO payout ratio 82%.
- Cash $23.6M, debt 1.6% of gross assets; no debt maturities until May 2027.

## SEC filing metadata
- accession: 0001854964-25-000020
- form_type: 8-K
- ticker: NLCP
- cik: 0001854964
- company_name: NewLake Capital Partners, Inc.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01, 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1854964/000185496425000020/0001854964-25-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1854964/000185496425000020/nlcp-20251105.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001854964-25-000020
- JSON: https://secwatch.observer/filing/0001854964-25-000020.json
- Plain text: https://secwatch.observer/filing/0001854964-25-000020.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.